Developer MAG decides not to build in Business Bay, sells plot for Dh365m
Dubai luxury developer now intends to build a Keturah tower project in Downtown
Dubai: The Dubai developer MAG has cashed out on its plot in Business Bay, thus netting a chunky Dh365 million from the sale. The deal comes as plot values at all of Dubai’s prestige locations have recorded gains in high double-digits.
MAG, which has ongoing super-luxury projects at the Creek and in MBR City, had initially planned to build a high-rise at the Business Bay location, using the ‘Keturah’ branding. Recently, it decided rather than go ahead with that project, it would ‘shift attention’ to Downtown Dubai. That too will have the Keturah label.
Once that decision was made, MAG felt it was better to sell the land in Business Bay – and Dh365 million was the outcome.
“We are currently planning another unique Keturah project in a strategic location in Downtown Dubai that will bring residents a new level of luxury with its region-first Bio Living concept,” said Talal Moafaq Al Gaddah, Senior Executive Vice-Chairman of MAG. (The company also has plans to develop a residential community in Switzerland.)